Earlier today, Yum Brands reported Q1 EPS of $1.07. This was above our $0.89 forecast and sell-side consensus (according to Consensus Metrix) of $0.87.
After Wednesday’s market close, The Cheesecake Factory reported adjusted Q1 EPS of +$0.20. This surpassed our +$0.05 forecast and sell-side consensus (according to Consensus Metrix) of -$0.07. Factors behind the outperformance relative to our forecast include: (1) Cost of Sales/Revenues (21.7% actual vs. 22.7% forecasted), (2) Labor Expenses/Revenues (36.6% actual vs. 37.7% projected, and (3) D&A/Revenues (3.5% actual vs. 3.8% estimated), partially offset by (1) Other Operating Expenses/ Revenues (28.2% actual vs. 27.7% forecasted), and (2) G&A/Revenues (7.1% actual vs. 6.8% forecasted).
Earlier today, Starbucks reported fiscal Q2 (calendar Q1) adjusted EPS of $0.62, surpassing our $0.53 forecast and sell-side consensus (according to Consensus Metrix) of $0.53. Starbucks bumps up its fiscal 2021 target range for adjusted EPS to $2.90-$3.00 (from $2.70-$2.90). Sources of the fiscal Q2 EPS outperformance include: (1) better-than-expected Product and Distribution Costs/Total Net Revenues (29.9% actual vs. 31.2% estimated), (2) better-than-expected Store Operating Expenses/Company-Operated Store Revenues (49.9% actual vs. 51.8% forecasted), and (3) D&A/Total Net Revenues (4.6% actual vs. 4.9% projected).